Reckoning

The later 1980s were a period of erratic growth—rapid but unstable. Tigers and sea turtles spurred development throughout the decade: East Asia’s “tiger” economies—Taiwan, Hong Kong, Singapore, and South Korea—paved China’s way in state-led, export-intensive growth. China's “Sea turtles” were the many overseas Chinese who brought capital and knowledge acquired abroad back to their mother country. However, unresolved contradictions lurked in the new political economy of Deng’s China. Frustrations over stalled political reform—enflamed by widespread urban economic grievances over inflation and corruption—erupted in street demonstrations that paralyzed the PRC in the spring of 1989. The Tiananmen crisis would have lasting political repercussions on the cause of democracy—but also unintended economic aftereffects.

Hong Kong Provided China with Capital

Japan Provided Support for Reform

Autocracy and Economic Freedom Brought Growth

Expectations Are the Most Important Growth Factors

Chen Ping

Executive Chairman of the Board, TideTime Group

Chen Ping is the executive chairman of the board of TideTime Group, a company primarily engaged in education, media & culture, and investment. In September 2004, TideTime Group became the single largest shareholder of Sun Sports Media and renamed the company TideTime Sun in April 2005.

Mr. Chen is also chairman of the board and CEO of TideTime Sun, which operates broadcasting, publishing, and other media-related businesses. It also holds 30 percent ownership of Sun TV, the first independent broadcaster serving Chinese audiences across Asia.

I think that the Tiananmen Square Incident of June 4, 1989 happened at an immature moment in history, with an immature populace, including government officials, forming an immature political movement with unclear goals. So, its ending was also tragic. What do I mean by immature? Because I experienced it, I feel that I have the right to say this: it was immature because, for one, at the time, China's system was basically state-owned. Not 100%, but at least 90% of the workers either worked in state-owned enterprises or for the government, society was not diversified. Even in economic life, society was not diversified. CCP leaders, or government entities, were in every kind of enterprise. It was the same in terms of politics, it was one-faceted, there were not diversified interest groups. So, in this one-faceted social system, to suggest multi-faceted political reform, a multi-faceted democratic movement, was immature. Secondly, I think China at the time, the youth, middle-aged people, and even the elderly, everyone shouted democratic slogans, but they could not explain what democracy was. Many people did not have a real understanding. Democracy isn't just theories and principles, Democracy is more of a habit. At the time, for more than 90% of the Chinese people--100% of Chinese people--habit was a thousand year old tradition of autocracy. So their demands of political reform, and their demands of democracy were vague and sometimes unrealistic. This is what I mean by an immature period, an immature populace, and the result of an immature, necessarily tragic political movement.